As part of its ongoing analysis of State and local government budgets, the Civic Federation also reviews proposed capital budgets along with any planning documents provided in support of infrastructure investments. Although many governments approve new and reappropriated capital spending on an annual basis, few public entities in Illinois have based these expenditures on comprehensive capital…
(The full content of this article is only available to the publication’s subscribers.) This article covers the release of the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis on October 2. The report found the State made some progress in paying down its unpaid bills, but missed the opportunity to prepare for rising pension payments or the dramatic revenue loss projected for…
This editorial discusses the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis and the State’s lack of progress on passing pension reforms. The analysis says this year’s budget may be a “high-water mark” with future years bringing sharp reductions in revenues and further consequences of the unresolved pension crisis.
This article discusses recent developments from the seven-member legislative conference committee appointed by Governor Quinn to find a solution to the State’s pension crisis. It cites the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis, which found the cost of pension payments accounts for one quarter of Illinois general fund revenue.
This editorial discusses findings from the Civic Federation’s FY2014 State of Illinois Enacted Budget Analysis. The analysis said the State is not prepared to handle unsustainable pension payments or the loss of revenue from the scheduled partial rollback of the income tax rate increases in January 2015.
This segment covers the release of the FY2014 Enacted Budget Analysis by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability on October 2. The report warns this year’s budget could be a high-water mark for the State, with future years bringing sharp reductions in revenues and further consequences of the unresolved pension crisis.
Aided by an unexpected surge in income tax collections in April 2013, the State of Illinois’ backlog of unpaid bills is projected to decline to roughly $5.8 billion at the end of FY2014. As shown in the table below and discussed in a new report by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability, that would represent a decrease of nearly $3.0 billion from an estimated $8.8…
Over the next few weeks, many Chicago-area local governments will be releasing their proposed budgets for fiscal year 2014. In preparation for the upcoming budget releases, this blog will recap the Civic Federation’s significant observations from our analyses of local governments’ proposed FY2013 budgets. The governments studied by the Civic Federation include: the City Colleges of Chicago and…
Failure to address pension crisis, plan for upcoming revenue loss threatens to erase progress on State’s backlog of unpaid bills (CHICAGO) – An analysis released today by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation warned that the FY2014 budget may represent a high-water mark with future years bringing sharp reductions in revenues and further consequences of the…
This analysis of the State of Illinois’ Fiscal Year 2014 Enacted Budget finds that the budget may represent a high-water mark, with future years bringing sharp reductions in revenues and further consequences of the unresolved pension crisis. Although the State reduced the backlog of unpaid bills to $5.8 billion, that progress is threatened by legislative failure to prepare for extreme financial…
